GOLD → Consolidation at bullrun. Shall we update ATH?
Updated
XAUUSD is forming the lower boundary of consolidation within the local correction. False breakdown of MA-50 and support at 2713 activate buying. Bulls are aggressively buying gold at every opportunity
Uncertainty around the US presidential election, market caution ahead of key US earnings reports are reviving demand for traditional safe-haven gold. In terms of the upcoming interest rate cut, the market has probably already resigned itself to the most likely 0.25% cut. Also, we continue to monitor the difficult economic environment in the markets of China... The Middle East conflict is still at the same level, with no signs of escalation or de-escalation, but it should not be overlooked.
The metal is forming a sideways range of 2739 - 2713 - consolidation. A primary retest of resistance could trigger a correction to 2728, or deeper, but with a high probability, gold could continue to rise
Resistance levels: 2739, 2750
Support Levels: 2728, 2713
Price may test the ATH in the near term. If the bulls break the resistance and hold the defense above 2739, gold may continue to rise.
If a bounce or false breakout is formed, the price may test the nearest support. Next, we need to watch for a reaction. If gold will return to retest 2739, then the chances of a breakout and further growth will grow!
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Regards R. Linda!
Trade closed: target reached
Target 1 (2750) reached!
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